IEC cuts NIS 65m. from budget

The Israel Electric Company said Sunday it would operate with a budget of NIS 3.55 billion in 2007 after its board of directors approved next year's financial plan over the weekend.

The Israel Electric Company said Sunday it would operate with a budget of NIS 3.55 billion in 2007 after its board of directors approved next year's financial plan over the weekend. Next year's financial resources will be some NIS 65 million short of IEC's 2006 budget due to efficiency measures taken at the company, IEC said. Among the cuts made, the directors agreed to take a 10% reduction in pay.